Home Buying in Newbury Park>Question Details

Sophia, Other/Just Looking in 08520

There has been a house listed in Newbury Park, Ca at 3994 Mountain Creek for quite some time; yet similar

Asked by Sophia, 08520 Fri Aug 21, 2009

homes in the area are selling quickly. Can you advise what may be the reason. We are contemplating putting an offer down; but uncertain.

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Kathy Fontana & Marlene Arimura-Mortimer’s answer
There are usually only 3 reasons why a home does not sell quickly...price, location and condition.....and since location and condition can be fixed by price, there is only one reason this home has not sold, Price! Yes, homes in this area do sell fast when they are priced correctly. Lack of inventory (down 54% from a year ago), Investor purchases and first-time buyers wanting to take advantage of the $8000 tax credit before it expires December 1st, have creating a very competative market for buyers. Homes that are currently priced in the $500K range and below, are receiving multiple offers within hours of posting them on the MLS, and because of the bidding, these homes are selling above asking price. Homes that are priced in the $600-800K range, when priced right are moving quickly also and usually very close to asking price. Have an agent run the comps and make an offer based on fair market value. If the seller is unwilling to negotiate, then you must be willing to walk away.
0 votes Thank Flag Link Sat Aug 22, 2009
Hi Sophia,

The home that you are inquiring about does appear to be "properly" priced or in-line with other activity in the area. The home has been on the market since 3/27 and was price reduced $10,000 in May and $10,000 in July. There was a sale for a smaller model at $750,000 and there is a short sale listing at 919,000 that is "in escrow" subject the the lender accepting the price of the contract - which is less than what the homeowner owes.

I think that if you have not seen the home, you should before you set your mind about what the price should be. If you would like, I would of course be happy to make the arrangement. There are fewer buyers for homes in the price range and that affects the time on market but there are also home that have great condition, location and are priced appropriately that sell within day. Homes that are a good value in other words are selling quickly - primarliy to people who have been watching and waiting for the right home for them.

I know that the listing agent does a good job of marketing homes so, it is not for lack or marketing that the home is still available. Home inventory in the area is still low and interest rates are so good. So, if this home hasnt sold it is because of price, location or condiiton.

Please contact me if I can assist you further.
Web Reference: http://www.ConejoLiving.com
0 votes Thank Flag Link Fri Aug 21, 2009
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